XRP Price Poised for 100% Gain After Giant Support Retest

The ongoing downtrend in the XRP market has brought its price to a crucial—and giant—support level, historically known for sparking sharp bullish reversals. This key technical juncture hints at a potential XRP price rally, with projections suggesting a surge to $0.95—over a 100% increase from current levels—by the end of 2024 or early 2025.

XRP Stuck Inside a Giant Triangle For Seven Years

XRP’s significant support level is an ascending trendline that has curbed the market’s sharp declines since July 2017.

For instance, this trendline has marked the bottom of major bear cycles, notably from January 2018 to March 2020 and from May 2021 to September 2022. Each time, it ignited significant bullish phases, with XRP prices surging by over 1,000% and 200%, respectively, toward its multi-year descending trendline resistance.

Furthermore, these bottom formations and subsequent sharp rebounds have historically coincided with XRP’s monthly relative strength index (RSI) reading hovering around 45.25 — which indicates a neutral sentiment in the market.

This entire fractal is being repeated in July 2024, with the price eyeing a sharp rebound from the ascending trendline toward the descending trendline at around $0.622, up 40% from the current price levels, by 2024’s end.

But even an older fractal reveals XRP’s possibility of breaking out of its prevailing giant consolidation channel.

XRP is Eyeing a 2017-Like Price Explosion Next

The fractal shows XRP forming a triangle-like structure between 2013 and 2017, reaching the apex—where the upper and the lower trendline converge—and eventually breaking above the upper trendline, rising by approximately 66,200%.

Therefore, XRP’s price may pursue a breakout move as it, too, moves closer toward the apex of its current triangle channel.

In doing so, the cryptocurrency’s primary upside target for the year’s end or the first quarter of 2025 would be the 0.236 Fibonacci trendline level at around $0.95. That is more than double its price as of July 4.

Independent market analyst Milkybull also predicts a similar upside case for XRP for the coming months.

XRP Fundamental Analysis: Institutional Interest and Whale Activity

XRP’s overly bullish fractal outlook appears on the backdrop of increasing institutional interest and whale sentiment.

The latest weekly report by CoinSharesweekly report by CoinShares reveals a net positive capital flow into XRP-based investment funds. Notably, these vehicles attracted $300,000 in the week ending June 29 — a smaller amount compared to other altcoins like Solana (SOL) and Litecoin (LTC), which witnessed $1.6 million and $1.4 million in inflows in the same period.

Nonetheless, XRP has still fared better than Ethereum, whose funds witnessed $60.7 million outflows, logging their worst weekly performance since August 2022. XRP has outperformed Ethereum on a year-to-date timeframe as well, attracting $18 million compared to the latter’s $25 million in outflows.

From an on-chain perspective, the richest XRP investors have turned to accumulate the coins in recent weeks, according to date resource Santiment.

Notably, the XRP supply held by entities with a balance over 1 billion tokens increased to 41.46% on July 4 from 40.27% at the beginning of the year, coinciding with a drop in the supply held by its immediately lower cohort—those holding between 100 million and 1 billion XRP.

The increasing share of XRP held by large entities is a bullish indicator, suggesting confidence in the asset’s future performance and potential for price appreciation.